VISA CARD - Latest News & Reviews https://www.thetechoutlook.com/tag/visa-card/ Daily Tech News, Interviews, Reviews and Updates Tue, 11 Jul 2023 19:17:28 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.thetechoutlook.com/wp-content/uploads/2019/09/cropped-favicon-1-150x150.png VISA CARD - Latest News & Reviews https://www.thetechoutlook.com/tag/visa-card/ 32 32 Credits Cards And Debits Cards To Become Portable Just Like Porting A Telecom Network https://www.thetechoutlook.com/current-affairs/business/credits-cards-and-debits-cards-to-become-portable-just-like-porting-a-telecom-network/ Tue, 11 Jul 2023 19:17:28 +0000 https://www.thetechoutlook.com/?p=137069 Credits Cards And Debits Cards To Become Portable

From October 1, 2023, Credit and Debit card holders in India will be able to port their networks to other ones. People are now able to port their mobile networks without compromising the details. Just like that, Credit and Debit cards will also be able for porting. The Reserve Bank of India said in a […]

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]]> Credits Cards And Debits Cards To Become Portable

From October 1, 2023, Credit and Debit card holders in India will be able to port their networks to other ones. People are now able to port their mobile networks without compromising the details. Just like that, Credit and Debit cards will also be able for porting.

The Reserve Bank of India said in a circular that Credit, Debit, or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice.

This regulation will allow flexibility and competition in the credit card market. It empowers users with the freedom to choose the card network that suits their interests.

One of the provisions in the RBI’s proposal is the prohibition of agreements that restrict card issuers from utilizing the services of other card networks. The competition among card networks is expected to stimulate innovation and drive improvements across the industry.

Card Portability

With card portability, Credit, Debit, and prepaid card users will be able to switch between any card network of their choice, like Visa, MasterCard, RuPay, etc. This process will not impact the user’s card accounts, balances, and card usage history.

Currently, users don’t get to choose their preferred card network when they apply for any card service. This is something decided between networks and the card issuer.

There are 5 card network companies in India. They are Visa, MasterCard, RuPay, American Express, and Diner’s Club. These companies have tie-ups with different financial institutions.

The card network portability option will be included in existing agreements or at the time of renewal or in fresh agreements executed from the date of the circular. The RBI has invited opinions from various stakeholders on the draft circular up to August 4, 2023.

Banks have a limited period of less than 90 days to implement these changes. The proposed implementation date is October 1, 2023.

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]]> Iran confirms to become the first nation to accept Russia’s MIR payment cards https://www.thetechoutlook.com/new-release/software-apps/iran-confirms-to-become-the-first-nation-to-accept-russias-mir-payment-cards/ https://www.thetechoutlook.com/new-release/software-apps/iran-confirms-to-become-the-first-nation-to-accept-russias-mir-payment-cards/#respond Wed, 27 Jul 2022 10:44:43 +0000 https://www.thetechoutlook.com/?p=64794 Iran confirms to become the first nation to accept Russia's MIR payment cards

Russia’s RIA news agency just quoted that Iran will be the first country to start accepting payments made with Russia’s MIR payment cards. It is a Russian alternative to Visa and Mastercard. MIR has also recently been started in South Korea and Cuba, which means both “peace” and “world” in Russian, whereas the United Arab […]

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]]> Iran confirms to become the first nation to accept Russia's MIR payment cards
Russia’s RIA news agency just quoted that Iran will be the first country to start accepting payments made with Russia’s MIR payment cards. It is a Russian alternative to Visa and Mastercard.
MIR has also recently been started in South Korea and Cuba, which means both “peace” and “world” in Russian, whereas the United Arab Emirates are also planning to start it soon. The card comes under working in several tourist places such as Turkey and Vietnam and also some former Soviet republics.
Due to heavy U.S and European Union sanctions that blocked Iran and Russia’s access to key parts of the global financial infrastructure.

Since February 24, several Russian banks have been ejected from Belgium-based SWIFT. Iran and Russia are also planning to create a rival to the SWIFT payments messaging service that underpins cross-border payments across the global economy.

“ Countries that want to de-dollarise their transactions must have a special system similar to SWIFT,” RIA quoted Safari as saying. In early March, there was a suspension of world’s two largest payment processing networks,  Russian cards issued by Visa and Mastercard stopped functioning overseas.

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